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Posted by Rafael on September 19, 1999 at 12:34:35:
In Reply to: loss payee / additional insureds posted by Jesse Baker on December 07, 1998 at 19:49:25:
It depends on what your position as an additional insured or loss payee is.
On a repossessed vehicle, generally speaking, the loss payee or loss payee
are the ones repossessing the vehicle. The finance company or bank is the
one who requests to be the additional insured (to protect them in case of a lawsuit
for an alleged accident where the insured vehicle is involved). The loss payee
is to have the insurance company pay the finance company or bank for the loss of
the insured vehicle.
The insurance company would not get involved when a vehicle has been repossessed.
There has been no loss!
The vehicle has gone back to the financeer.
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